5 Tips on Researching Business Competitors

This is a sponsored post. All opinions regarding researching business competitors are 100% my own.

Having business competitors isn’t always a bad thing. In fact, they can serve as validation that you are in a strong market, a place that you want to be. But even with that said, you will want to always research your competitors and use that as a guide to how you are doing in the market. Here are…

5 Tips For Researching Your Business Competitors

Business Research

Don’t Stop at Google

Google and other search engines are a very convenient means of accessing information on the web today. But if you are researching a business competitor, you need to go beyond just a basic web search.

In fact, this should be considered as only a basic starting point.

Google has other tools beyond a search engine that can help in your research, and it can be helpful to understand how they can relate. For example, Adwords and keywords can help you determine what is popular in your market niche.

Use Social Media to Your Advantage

Today Social Media can be a great source of information when it comes to researching a business competitor.  Social media reaches deep into both personal lives and business entities, and it links those in a convenient and easy to follow a path.

One of the best and easiest strategies for business research with social media is to simply look for any mentions of the business. You can search across Facebook posts, Tweets, Instagram stories, Pinterest images, and more for any keyword or name that applies to your research.

A company Facebook page can be a quick insight into current business tactics and strategies. While you are on the page, look for any posts or images from customers. This can help you monitor their engagement with their customer base.

Read the Reviews

Many sites exist that invite reviews from a given business’s customer base. Yelp, for example, is a popular destination for consumers of all types.

Taking the time to read the reviews for a business you are researching will give you insight into the business straight from their customers. This can be a very informative snapshot of customer satisfaction.

But that’s not all. Many reviews will spell out exactly where business competitors are failing to respond to their customer’s needs.

This could define an opportunity for your business if the situation is properly capitulated upon. Even company websites like the one from¬†Universal Manufacturing Corp can provide a wealth of information. With Universal Manufacturing Corp you’ll get superior customer service.

Ask Your Customers

Believe it or not, you may already have a great resource at your disposal. A new customer is often more than willing to give you valuable information on competitors. Take the time to ask them who they did business with before coming to you, and what was the determining factor for the switch. This may help pinpoint places to improve on your current business offerings.

Call Your Competitors Directly

Don’t overlook the direct approach. Many companies are more than happy to tout their strengths when asked. You may have to put a little thought into how you ask the questions, but expressing interest in their business can lead to a lot of specific information directly from the source.

When it comes to running a business, doing a little research on competing businesses can help you stay competitive and even grow your business. Following these tips can help you understand your market.